臺灣博碩士論文加值系統

This thesis investigates the relationship between corporate social responsibility (CSR) and corporate financial performance (CFP). CSR is measured by an aggregated KLD score from 1998 to 2008. This thesis uses the market based assets and shareholder value framework to build a case for CSR. CFP is measured with both accounting based and market based financial measurements. The Fama-French three factor model is used to derive the numbers for abnormal return, idiosyncratic risk and systematic risk. In order to assess the relationship between CSR and CFP, a hierarchical multiple regression with a one year lag on the independent variable is used. The results show a U-shaped relationship between CSR and the accounting based financial measurements. Only Tobin’s Q shows an inverse U-shaped relationship. However, both results indicate that there is a threshold. The presence of CSR concurs with previous studies that it lowers idiosyncratic risk. However, it has no effect on systematic risk. In addition, higher association with CSR also yields lower abnormal return. The relationship between abnormal return and CSR may help explain the inverse U-shaped relationship between CSR and Tobin’s Q. At the peak of the inverse U, firms still enjoy many benefits from CSR and are less affected by lower return.

ACKNOWLEDMENTS I
ABSTRACT II
TABLE OF CONTENTS III
LIST OF TABLES V
LIST OF FIGURES VI
CHAPTER ONE INTRODUCTION 1
1.1 Research Background. 1
1.2 Research Contributions and Purpose. 1
1.3 Research Procedure. 2
CHAPTER TWO LITERATURE REVIEW 4
2.1 Corporate Social Responsibility 4
2.2 Milton Friedman’s Shareholders Theory. 7
2.3 R. Edward Freeman’s Stakeholder Theory. 8
2.4 Resource Based View. 9
2.6 Market-Based Assets and Shareholder Value. 11
2.7 CSR and Volatility. 13
2.8 CSR and CFP – a Non-Linear Relationship. 15
CHAPTER THREE RESEARCH DESIGN AND METHODOLOGY 19
3.1 Research Design and Sample Selection. 19
3.2 Research Framework. 21
3.3 Independent Variable. 21
3.4 Dependent Variable. 22
3.4.1 Accounting Based Measurements. 22
3.4.2 Market Based Measurements. 23
3.5 Control Variables. 25
3.5.1 Research ＆ Development Intensity. 25
3.5.2 Advertisement Intensity. 26
3.5.3 Size. 27
3.5.4 Leverage. 27
3.6 Data Analysis. 29
CHAPTER FOUR EMPIRICAL ANALYSIS 31
4.1 Pearson’s Correlation. 31
4.2 Hierarchical Multiple Regression. 33
4.2 Results for Accounting Based Measurements. 34
4.3 Results for Market Based Measurements. 37
4.3.1 Tobin’s Q. 37
4.3.2 Idiosyncratic Risk. 39
4.3.3 Abnormal Return. 41
4.3.4 Systematic Risk. 43
4.4 Hypothesis Analysis. 45
CHAPTER FIVE DISCUSSION AND CONCLUSION 47
5.1 Managerial Implications 51
5.2 Limitations and Future Research. 51
References 53

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